Ferrari mulls Hong Kong IPO
- By He Shan
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China.org.cn, September 6, 2011
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Ferrari, Italian sports auto makers, displays its auto at an auto show. [CFP] |
Italian luxury auto maker Ferrari is in talks with investment banks about a planned IPO on the Hong Kong stock exchange, according to a report by Reuters.
The listing is expected to value the legendary auto maker at US$6.3 billion, beating previous estimates of US$5.3 billion, according to the report.
Several investment banks have approached Ferrari's owner Fiat in recent weeks with a proposal for the listing, according to sources close to the issue.
The market has been rife with rumors about the IPO, but a spokesman for Fiat declined to comment when asked if talks had been held with banks about a possible Ferrari offering.
The listing would help Fiat raise capital to pay down its debt of around US$7.2 billion.
Fiat has already paid US$500 million for the US government's remaining 6 percent stake in Chrysler, raising its stake to 52 percent, making it the majority shareholder in the US auto giant.
China has become a booming market for global luxury brands. Ferrari sold about 300 units in China last year, up 50 percent compared with 2009.
China's business press carried the story above on Tuesday.
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